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15.4 In the foregoing paragraphs, the entire factual matrix, the seized materials and the sworn depositions of the director of the appellant company and other witnesses are elaborately brought out. It is evident from the materials brought on record that commission / profit on the transactions carried out by the appellant company varied from 1.5% to 3.6%. Since the seized materials and the sworn statements clearly established that the entries in the books of accounts are not supported by any reliable primary records ; the appellant had indulged in large scale cash transactions and the cheques transacted were essentially meant to create a smoke screen to camouflage the true nature of transactions which are bogus purchases transactions, the books of accounts maintained and the profits declared as per the books of accounts could not be relied upon by the A.O for determining the true incomes of the appellant. Having regard to these facts and circumstances of the case, it is hereby held that A.O is justified in rejecting the books of accounts u/s.145(2) of the Act and estimating the income on the basis of the seized materials and the sworn statements. As already taken into consideration, it is evident from the materials brought on record that commission / profit on the transactions carried out by the appellant company varied from 1.5% to 3.6%. Having regard to the volume of transactions and certain incidental expenses in running such a business of supporting parallel economy, A.O has come to a reasonable conclusion by arriving at the commission / profit 2% of the total receipts. The other earning the incomes by providing accommodation entries is concerned, it is hereby held that the rate of commission / net profit determined @ 2% in the assessment orders has taken into account the alleged expenses. Therefore, there is no justification for allowing further expenses against the net income determined @ 2% of the total receipts. Accordingly, the income assessed are hereby confirmed."